The Commissioner Of Income Tax v. M/S.shetusha Engineers & Constructors Pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPLICATION NO.39 OF 1999 The Commissioner of Income Tax ..Applicant Vs.M/s.Shetusha Engineers & ConstructorsPvt.Ltd...Respondent Mr.Ashok Kotangale, A.G.P. for the Applicant.None for the Respondent. P.C. CORAM :- DR.S.RADHAKRISHNAN &V.C.DAGA, JJ.DATE : 20TH MARCH, 2007 1.Heard the learned Counsel for the parties.This matter pertains to the Assessment Year 1992-1993seeking to raise following substantial question oflaw:1."Whether on the facts and in thecircumstances of the case and in law, theTribunal was justified in holding that theprofits from the projects of Mangalya MandirTrust H & K Rolling Mills & Jayant VitaminsLtd. may be accepted as declared by theassessee when the assessee had excluded theretention money from the total receipts to workout the profits from the said three projects ?"2.Whether on the facts and in thecircumstances of the case and in law, theTribunal was justified in holding thatretention money is to be excluded from thetotal receipts to work out the profits fromvarious projects ?" 2.Both the learned Counsel for the parties state that the tax liability is less than Rs.4,00,000/- inthe above matter. In view of the circular dated 24thOctober,2005, issued by the Government of India,Ministry of Finance, Department of Revenue, CBDT,which is binding on the Revenue, we dismiss the above Application, as the tax liability is less than Rs.4,00,000/-. (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.)